Tds deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2013
Hi All,
I have a small query.
A Company has made a payment of Rs.20,000 to a contractor during June 2013 and TDS was not deducted on the same, as the payment did not exceed the threshold limit.
Later in the same year, during December 2013, the company has paid to the same party Rs.1,00,000 and for this payment TDS was deducted.
In December 2013, should TDS be deducted for Rs.1,00,000 or for Rs.1,20,000 (including the previous payment)
Please state the provisions if any
I have a small query.
A Company has made a payment of Rs.20,000 to a contractor during June 2013 and TDS was not deducted on the same, as the payment did not exceed the threshold limit.
Later in the same year, during December 2013, the company has paid to the same party Rs.1,00,000 and for this payment TDS was deducted.
In December 2013, should TDS be deducted for Rs.1,00,000 or for Rs.1,20,000 (including the previous payment)
Please state the provisions if any
Aashish Tiwari
(Expert)
31 December 2013
Tds will be Deduct on 1,20,000.
Message likes :
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CA DHEERAJ
(Expert)
31 December 2013
as per section 194c if you cross threshold limit i.e. 30000 rs. of single payment or rs. 75000 agreegate payment during the year then you have deduct tds whole amount
in your case tds deduct on rs. 120000
in your case tds deduct on rs. 120000
Message likes :
1 times
31 December 2013
Agree with expert.
You have to calculate TDS on total amount paid/payable.
Thanks
You have to calculate TDS on total amount paid/payable.
Thanks
Message likes :
1 times
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